Sam Jonah urges African investors to prioritise local investment

Ghanaian business magnate Sir Sam Jonah has called on African institutional investors to prioritize investing in their own continent, warning that the current trend of exporting savings and borrowing expensive capital from abroad risks exacerbating Africa's infrastructure challenges. Speaking at the Global Business Forum, Ghana Edition, in a keynote address on August 28, Sir Sam Jonah described the situation as a "great paradox," where African pension funds and institutional investors hold short-term investments while infrastructure needs remain unmet and promising entrepreneurs struggle to secure long-term capital.

Acknowledging the benefits of foreign investment, Sir Sam Jonah urged African countries and investors to build greater confidence in their own economies, stating that capital follows conviction, not just financial backing. He advocated for the creation of more globally competitive African businesses capable of competing internationally, creating jobs and expanding over the long term.

Using Ashanti Goldfields as an example, he demonstrated that an African enterprise, when properly built and managed, can compete on a global scale. Sir Sam Jonah emphasized that building such businesses should not solely be the responsibility of governments, but rather a collective effort from individuals in the room. He also urged African investors to embrace patient capital and invest early, when risks are still manageable, to benefit from Africa's long-term growth opportunities.